Twin Vee PowerCats Appoints New CFO

TL;DR

New CFO at Twin Vee PowerCats, replacing the old one. Amato is in.

AI Summary

Twin Vee PowerCats Co. announced on June 26, 2024, the appointment of Joseph V. Amato as Chief Financial Officer, succeeding current CFO, William P. West. Amato brings extensive financial leadership experience, including his prior role as CFO at Marine Products Corporation. This change is effective immediately.

Why It Matters

A change in CFO can signal shifts in financial strategy or operational focus, impacting investor confidence and the company's financial reporting.

Risk Assessment

Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategy and performance.

Key Players & Entities

• Twin Vee PowerCats Co. (company) — Registrant
• Joseph V. Amato (person) — Newly appointed Chief Financial Officer
• William P. West (person) — Outgoing Chief Financial Officer
• Marine Products Corporation (company) — Previous employer of new CFO
• June 26, 2024 (date) — Effective date of appointment

FAQ

Key Financial Figures

• $0.001 — ch registered Common stock, par value $0.001 per share VEEE The Nasdaq Stock Mar
• $200,000 — resident to increase his base salary to $200,000. On June 26, 2024, the Compensation Co
• $0.57 — Mr. Visconti have an exercise price of $0.57 per share, which was the closing price
• $0.53 — June 27, 2024 have an exercise price of $0.53 per which was the closing price of the

Filing Documents

• e5785_8k.htm (8-K) — 32KB
• e5785_ex10-1.htm (EX-10.1) — 10KB
• 0001731122-24-001060.txt ( ) — 215KB
• veee-20240626.xsd (EX-101.SCH) — 3KB
• veee-20240626_lab.xml (EX-101.LAB) — 33KB
• veee-20240626_pre.xml (EX-101.PRE) — 22KB
• e5785_8k_htm.xml (XML) — 4KB

02. Departure of Directors or Certain

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 27, 2024, the Company entered into an amendment (the "Yarborough Amendment") to the employment agreement, effective as of July 23, 2021, by and between the Company and Preston Yarborough, the Company's Vice President to increase his base salary to $200,000. On June 26, 2024, the Compensation Committee of the Board of Directors (the "Committee") of the Company awarded (i) Mike Dickerson, the Company's Chief Financial and Administrative Officer, an option to purchase 100,000 shares of the Company's common stock (the "Common Stock"); (ii) Preston Yarborough, the Company's Vice President, an option to purchase 200,000 shares of the Company's Common Stock; and (iii) Joseph Visconti, the Company's Chairman and Chief Executive Officer an option to purchase 300,000 shares of the Company's Common Stock. On June 27, 2024, the Committee awarded Mike Dickerson, the Company's Chief Financial and Administrative Officer, an option to purchase 50,000 shares of the Company's common stock (the "Common Stock") The stock options granted to Mr. Yarborough and Mr. Visconti have an exercise price of $0.57 per share, which was the closing price of the Common Stock on the date of the grant (June 26, 2024), vest pro rata, on a monthly basis, over two years and expire ten (10) years from the date of the grant, unless terminated earlier. The stock options granted to Mr. Dickerson on June 26, 2024 have an exercise price of $0.57 per share, and the stock options granted to Mr. Dickerson on June 27, 2024 have an exercise price of $0.53 per which was the closing price of the Common Stock on the date of the grant (June 27, 2024), and both option grants vest pro rata, on an annual basis over four years monthly basis and expire ten (10) years from the date of the grant, unless terminated earlier. The stock options were granted pursua

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits The following exhibits are furnished with this Current Report on Form 8-K: Exhibit Number Exhibit Description 10.1 Amendment to Employment Agreement by and between Twin Vee PowerCats Co. and Preston Yarborough, dated June 27, 2024 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within in the inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 2, 2024 TWIN VEE POWERCATS CO. By: /s/ Joseph Visconti Name: Joseph Visconti Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR